Monthly Update – April 2025
Comment:
US equity markets, as measured by the S&P 500 index, have fallen significantly over the past month. Technology stocks included in the NASDAQ 100 have also fallen significantly. European stocks included in the Euro Stoxx 50 index have seen a similar large decline. Looking at the MSCI global index, we see that global equities as a whole have fallen significantly. Overall, it has been a relatively negative month for equity markets.
The US dollar has weakened significantly against a basket of other currencies over the past month.
US Treasury yields have decreased over the past month for shorter maturities. They have increased slightly for longer maturities. However, yields remain significantly higher across all maturities compared to previous years, providing investors with more attractive returns than in the past. These higher yields may also put some pressure on equity prices.
In the precious metals market, the price of gold has increased significantly. The price of silver has decreased slightly. Brent and WTI crude oil prices have moved significantly lower over the same period.
The current key interest rate set by the US Federal Reserve is between 4.25% and 4.50%. Current policy and expectations suggest that we can continue the downward trend, with further gradual rate cuts expected in the future. However, the outlook remains uncertain as the inflation situation and the economic impact of interest rates are continuously assessed.
The European Central Bank is leaving its key interest rate at 2.40%, with further gradual cuts expected.
Inflation in the US and the euro area is at acceptable levels. The latest annual inflation rate is 2.40% in the US and 2.20% in the euro area.
Macro environment:
USA
GDP Growth: 2.40
Interest Rate: 4.50
Inflation: 2.40
Jobless Rate: 4.20
Euro Area:
GDP Growth: 0.00
Interest Rate: 2.40
Inflation: 2.20
Jobless Rate: 6.10
Government bond yields:
USA (USD)
1Y: 3.99
2Y: 3.81
10Y: 4.32
20Y: 4.81
Germany (EUR)
1Y: 1.73
2Y: 1.68
10Y: 2.45
20Y: 2.83
Significant positions in the portfolio:
BRK.B - Berkshire Hathaway Inc
IB01.L - iShares $ Treasury Bond 0-1yr UCITS ETF
TLT - 20+ Year Trsy Bond Ishares
PLTR - Palantir Technologies Inc
VOW3.DE - Volkswagen AG
RWE.DE - RWE AG
MKL - Markel Corp
C - Citigroup
NEM - Newmont Mining Corp
INTC - Intel
Best regards,
Jaroslav Spacil... Show More
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Fri Mar 13 2026 02:41:23 GMT+0000 (Coordinated Universal Time)
